Alma record. (Alma, Mich.) 1878-1928, 1887-11-25
THE GREAT SPECULATION,
Which Broke Up the ClarlSsvillo Financie
in Marbles and Mace a Panic.


Which Broke Up the ClarlSsvillo Financles
in Marbles and Mace Panic.
The panic in the ClarksvIlle school
has naturally cast gloom over play
ground and dormitory, and it will prob
bl' be long before the game of marbles
RECEIVERS its former standing as repu
table though risky game
The panic was distinctly due to over
trading in marbles. An immense bust
ness was done with insufficient capital
ana a shrinkaCe in the value of rabbits
or other securities would have precipi-
lated panic ut any time during the
last three months. The failure of James
Smith was, of course the immediate
origin of the panic but the firm could
not, in any event, have kept itself above
water more than |sek or two longer.
Master James Smith X not only q
skillful marble-plator, but he is a tinan'
cial genius. At the beginning of the
present school term he conceived q
grand scheme for enrichne himself and
all the boys who had confidence in him.
lie proposed that he should borrow
marbles ut high rate of interest, and
pav both TINS interest and large divi-
dends out of his winnings as marble
PLAYER. To every boy who should lend
him six marbles he offered to repay
nine marbles within two days, and in
case the lender should reinvest both
principal and profits he undertook 10
repay him at any moment, with profits
at the rate of 90 per cent. every two
DAYS
The offer was so tempting that There
wa general anxie+~ On the part of the
boys to lend Their marbles to James
Smith, and in the course Of the week
every boy in the school had invested
in the marble pool. 1t was understood
that james Smith was to win marbles
from boys uuconnected with the school;
but curiously enough, no one inquired
where these boys were to be found, or
at what hour of the night James Smith
was II tbs Nlbit of secretly getting ont
OF bed anu going off to play with his
unknown advcrsaries. The boys were,
however, perfectly satisfied with Lis
method Of conducting business. lie
never failed 10 tender large quantities
OF marbles 10 his patrons whenever, by
the terms of his contracts. they were
entitled to dividends, and they never
failed 10 reiuyest the whole amount
with him. Each OF Thorn had decided
B. make at least p million Of marbles
before closing their accounts with James
Smith, and they Wore eager not to draw
marbles but 10 add TO their Investments.
The local store-kecper, who sold mar
bles, consented, after the boys had spcnt
q their money, TO sell them marbles
OF credit, provided they would place
ST urities in his hands. Most Of the
BOYS kept rabbits. and they pledged
their rabbits, their toys, their jack
knives, and other negotiable securities
with the utmost recklessness Last
Thursday night the books of James
Smith showed that twenty-eight mil
lions OF marbles in round numbers wore
due to the siXty-iour boys of the Clarks
vi le school On Friday night James
Smith announced his insolvency, and
assigned BOB marbles to the Greek pro
lessor in trust for his creditors.
The disaster was precipitated by a
ihrin age in the valueof rabbits, caused
bv the breaking ont Of n distemper
among the rabbits hypothetical with
a storekeeper. The latter, not knowing
at what moment all the rabbits might
lie, demanded that they should be re-
deemed. In order to redeem them their
owners were compelled to call in the
marbles they had invested with James
Smith. The latter was unable to re-
spond to the call panic followed, and
the unfortunate boys lost both their
marbles and their hypothetical securi-
ties
The principal Of the school invosti-
gated the affairs Of James Smith on
Saturday afternoon with three consecu- |
hive apple-tree switches of the largest
lBize. James Smith had played marbles |
with the son of the janitor Of the female |
Ibeminary on two or three occasions and |
bad lost heavily. The dividends which |
he rendered to his victims were simply !
HE investments made by other victims |
He had not won a single legitimate mar.
ple during his entire career as a marble |
tnancier, and, as the principal coldly /
remarked, whenever he stopped TO Sc
bet new switch, his conduct had been /
better than that of o professional |
ck-pocket-
At present the GAINESVILLE school |
pys have neither probationary, mar
les, rabbits, nor any other negotiable /
koperty. No one can palliate their fol
H or feel much sympathy with them in
h teir losses. Nevertheless, although nc |
lown person would for an instant be .
| kilty of like folly it should be men
ened that James Smith informed the .
Tvs that he conducted his business |
fictly in accordance with Wall street
sthods, and that they actually be
we'd he spoke the truth - -
Paying Debt.
iones-I say, Smith, old follow, i
III want to bother You, but / wish |